
Letter to shareholders and other stakeholders
7
REPORT AND FINANCIAL STATEMENTS 2024 | ENEL SPA
in all Scopes by 2040. In 2024, absolute direct and
indirect greenhouse gas emissions along the entire
value chain amounted to approximately 70 MtCO
2eq
,
down by 26% compared with 2023, in line with the
objectives certified by the Science Based Targets in-
itiative (SBTi).
In 2024, we issued bonds for a total of €4.5 billion, in
line with the financial strategy to optimize the cost of
capital needed for the industrial investments of the
2024-2026 Strategic Plan. Of this amount, the equiv-
alent of €3.6 billion were Sustainability-Linked Bonds
placed on the European and US markets, based on
Key Performance Indicators (KPIs) that confirm Enel’s
commitment to the energy transition, in line with the
environmental and financial sustainability pillar of
our strategy; more specifically, the interest rates on
each issue were related to the achievement of both
the Sustainability Performance Targets (SPT) linked to
the “Capex aligned with the EU taxonomy (%)” and the
“Scope 1 GHG emissions Intensity related to Power
Generation (gCO
2eq
/kWh)” .
As regards financing with development banks and ex-
port credit agencies, in 2024 Enel signed loans for a
total of about €1 billion, further diversifying its sources
of financing at lower-than-market prices.
Consistent with the objectives of reducing debt and
strengthening the capital and financial structure, the
divestment plan was completed in 2024 with a view to
portfolio rotation focused on maximizing the assets
value and seizing growth opportunities.
More specifically, disposal transactions include the
completion of the sale in Peru of the distribution and
generation company Enel Distribución Perú SAA, the
advanced energy services company Enel X Perú SAC
and the electricity generation company Enel Gener-
ación Perú SAA, as well as the sale by Enel Italia to Sos-
teneo of a 49% stake in Enel Lybra Flexsys, a company
established by Enel for the implementation and oper-
ation of a portfolio of projects mainly including Battery
Energy Storage Systems (BESS). In Italy, the subsidiary
e-distribuzione finalized the sale of 90% of the share
capital of Duereti Srl, a corporate vehicle benefiting
from the transfer of electricity distribution activities in
a number of municipalities in the provinces of Milan
and Brescia, to A2A SpA.
6. Of the Group core countries (Italy, Spain, Brazil, Chile, Colombia, the United States).
As regards acquisitions, through Endesa Generación,
we signed in Spain the agreement to buy 100% of Cor-
poración Acciona Hidráulica SL, a company of the Ac-
ciona Group owning 34 Spanish hydroelectric plants
with installed capacity of over 600 MW, in order to con-
solidate our leading role in renewables at a global level.
Finally, in line with the strategy on stewardship pre-
sented to the market, Endesa subsidiary Enel Green
Power España finalized the sale to Masdar of a stake
of 49.99% in Enel Green Power España Solar 1 (EGPE
Solar), owner of photovoltaic plants in Spain with to-
tal installed capacity of about 2 GW. Enel will maintain
control of EGPE Solar consolidating the joint venture,
and will purchase 100% of the energy generated by
the photovoltaic plants through long-term Power Pur-
chase Agreements.
Strategy and forecasts for 2025-2027
The Strategic Plan for 2025-2027 confirmed the stra-
tegic pillars of the previous Plan:
• profitability, flexibility and resilience, pursuing value
creation through selective capital allocation to opti-
mize the Enel Group’s risk/return profile, while keep-
ing a flexible approach;
• effectiveness and efficiency, pursuing the contin-
uous optimization of processes, activities and the
product and services portfolio, strengthening cash
generation and developing innovative solutions to
increase the value of existing assets;
• financial and environmental sustainability to main-
tain a solid structure, ensure the flexibility needed
for growth and address the challenges of climate
change.
Gross capex in the three years is set at about €43
billion, allocated to the different geographical areas
based on their contribution to EBITDA.
More specifically, capex in Grids is set at about €26
billion, up by 40% compared with the previous Plan,
to improve the resilience, digitalization and efficiency
of the distribution network. As a result we expect the
Regulated Asset Base (RAB)
6
to reach about €52 billion
in 2027, from about €42 billion in 2024, with the con-
tribution of Grids to the Group ordinary EBIDTA stand-
ing at about 40% in the same year.
Letter to shareholders and other stakeholders